On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
American oil prices declined on Tuesday following industry data showing a surprise weekly domestic crude inventory increase. This information was provided by the news portal Investing based on the American Petroleum Institute (API) report.
OPEC believes that the world will need a lot of oil, even though there are some risks to trade and the economy. This information was disclosed by Haitham al-Ghais, the Secretary General of the organization.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Oil prices steadied on Tuesday due to uncertainty in negotiations between the US and Iran, according to journalists from Investing.com. Brent Crude for July delivery fell by 3 cents to $64.73 per barrel, while June West Texas Intermediate (WTI) contracts rose by 48 cents to $63.17.
The total volume of crude supplies to China last month reached 48.06 million tons, or 11.69 million bpd. The country’s oil imports were lower compared to March, yet up 7.5% from the previous year.
According to analysts quoted by Reuters, Saudi Arabia will burn more oil for power generation this summer due to increased crude production and higher heating oil prices. This could help balance global crude oil supply after OPEC+ production quotas are lifted.
Venezuela's state-owned company, PDVSA, has started to independently export Boscan heavy crude oil, which was previously supplied through Chevron, after terminating its cooperation with the US firm.
According to estimates by Clyde Russell from Reuters, China's oversupply of crude oil rose to 1.89 million barrels per day in April. That surpasses the March figure of 1.74 million and marks the highest level since June 2023.
As reported by Reuters with a reference to the Department of Mineral Resources of North Dakota, US, oil and gas producers of the state are going to cut the number of drilling rigs and production crews due to falling oil prices.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
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